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tax rates. congress could enact a program of tax reform that would lower rates and eliminate interest reductions. the president could open up more federal lands and offshore areas for energy exploration. his administration could take a more balanced approach to new regulations. economic growth can help solve our fiscal problems if the economy had grown at the percentage as it has done in the past. the treasury could have collected an additional 650 billion dollars in fiscal year 2012. the deficit that would have fallen. still bad, but remarkably better than where we find ourselves today. republicans stand ready to work with president obama for a balanced and bipartisan solution. so far, no evidence of that. let's create a long-term solution that does not burden individuals and gives businesses optimism to go forward and invest in the american economy. then the economy can grow for all citizens. i look forward to the testimony of our witnesses. >> thank you. i will introduce our two witnesses. dr
tax rates. congress could enact a program of tax reform that would lower rates and eliminate interest reductions. the president could open up more federal lands and offshore areas for energy exploration. his administration could take a more balanced approach to new regulations. economic growth can help solve our fiscal problems if the economy had grown at the percentage as it has done in the past. the treasury could have collected an additional 650 billion dollars in fiscal year 2012. the...
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the goal should be to justify new tax payers, not new taxes. regulations are needed, but they cost money to follow. the more expensive regulation is, the less money a business has to give raises or hire new people. we must not let innovation go to waste. we have the potential for all kinds of middle-class jobs from the fields and platforms where we draw to the manufacturing plants that will return to the united states with lower-cost of energy. we need americans to encourage these opportunities, not continue to block them. by making the future value of a dollar more predictable. we must put the cost of health insurance under control. you should be able to get a health control -- a health-care plan with the same tax benefit if you buy it for yourself or if an employer buys it for you. host: the analysis of david hocking. our question is, what do you think the president impose a number one priority should be a dangerous account term. this is from our twitter page. next is austin from illinois on the republican line. caller: i think it marker rubi
the goal should be to justify new tax payers, not new taxes. regulations are needed, but they cost money to follow. the more expensive regulation is, the less money a business has to give raises or hire new people. we must not let innovation go to waste. we have the potential for all kinds of middle-class jobs from the fields and platforms where we draw to the manufacturing plants that will return to the united states with lower-cost of energy. we need americans to encourage these...
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i do not know how we get there. >> the definition of tax reform is do not tax you, do not tax me -- >> on the second piece, the danger with putting goals that would leave it to the regular order -- the regular order will not produce a result. there are two ways to deal with that -- build another fiscal cliff to put on pressure, which puts us right back where we are, or have a default mechanism which has policy set aside that both sides do not like. one thing about the baseline -- under current law, if the congress packed its bags right now and went away, at the end of the 10-year period our debt to gdp ratio would be under 1%. he would definitely solve the deficit problem. >> under 1%? >> i believe. >> the percentage of your debt -- not the deficit to gdp? >> debt to gdp. now, we do not want to get there that way. the same way we do not want to go over the fiscal class. the fiscal cliff is big austerity -- you get $7 trillion in deficit reduction over 10 years. but you do not do it you really want to do it. when it comes to the baseline, you have to work together as part of an agreeme
i do not know how we get there. >> the definition of tax reform is do not tax you, do not tax me -- >> on the second piece, the danger with putting goals that would leave it to the regular order -- the regular order will not produce a result. there are two ways to deal with that -- build another fiscal cliff to put on pressure, which puts us right back where we are, or have a default mechanism which has policy set aside that both sides do not like. one thing about the baseline --...
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tax. they have had a great deal. president obama said that up for them. -- president bush set that up for them. we ask the wealthy to pay for their fair share. what we had was economic prosperity. when you see the gains they're playing in congress right now, to suggest he could do this with deductions is not true. the math does not add up. the president has to stick to his guns in insuring that it is time for the wealthiest americans to help bail out from this mess. we have to make cuts. they have to be prudent. the president and vice-president do not believe the way to balance the budget is on the backs of the states. if they reduce the commitment to health care, medicare, medicaid and say we will reduce the reimbursement and shift the burden back to the states, the president knows that is not doing anything to achieve his goal of universal health care at a time when we are implementing the affordable care act. what you will see is a very balanced approach. i know the presence will not ba
tax. they have had a great deal. president obama said that up for them. -- president bush set that up for them. we ask the wealthy to pay for their fair share. what we had was economic prosperity. when you see the gains they're playing in congress right now, to suggest he could do this with deductions is not true. the math does not add up. the president has to stick to his guns in insuring that it is time for the wealthiest americans to help bail out from this mess. we have to make cuts. they...
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generate revenues by creating new tax payers, not new taxes. [applause] only way to generate the kind of taxpayers. safe. but regulations cost money to follow. creation. that is why we should implement final say on it. [applause] getting control of our debt. it is critically important. it is not enough. we need to do more. rich countries on the planet. this new energy opens all kinds of jobs we need most, right now. middle-class work. [applause] the way our interest rates and currency are treated is another cause of unpredictability injected right into our economy. over time. place. they're just taking a big chunk out of middle-class families in the care. i wish more americans had the just like the members of congress do. that is why we should all be shocked that obamacare cuts the amount you can contribute. this is also what obamacare did, and not only requires you to get a prescription to purchase over-the-counter medications and pay for it -- that is willing to sell it to them. with tax-free money, just like their employers buy it now. [appl
generate revenues by creating new tax payers, not new taxes. [applause] only way to generate the kind of taxpayers. safe. but regulations cost money to follow. creation. that is why we should implement final say on it. [applause] getting control of our debt. it is critically important. it is not enough. we need to do more. rich countries on the planet. this new energy opens all kinds of jobs we need most, right now. middle-class work. [applause] the way our interest rates and currency are...
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we all know that the top 1% or 2% is paying lower income taxes than any time in our history. they've had a great deal, president bush set that up for them but we as nation did better under the clinton tax policies where we asked the wealthy to pay their fair share and the result was economic prosperity. we can't balance the budget without having new revenue come from the wealthy. when you see the games they are play in congress right now to suggest you can do that with reductions and other ways, it is not true. the math does not add up. the president needs to stick to his guns and i know he will. in ensuring the wealthiest americans to help the great nation bailout from this mess. second, when we talk about cuts we have to make them. i can tell you the president and the vice president do not believe that the way to balance the budget is on the backs of the states. if they reduce the commitment to health care, medicare and medicaid which we're all struggling with in the states right now and say we're going reduce their reimbursement and shift the burden back to the states. the
we all know that the top 1% or 2% is paying lower income taxes than any time in our history. they've had a great deal, president bush set that up for them but we as nation did better under the clinton tax policies where we asked the wealthy to pay their fair share and the result was economic prosperity. we can't balance the budget without having new revenue come from the wealthy. when you see the games they are play in congress right now to suggest you can do that with reductions and other...
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what we are finding is too many seniors and up in a situation where they cannot cover their taxes and we lead to a situation where they have more leverage, more debt, than their home is worth by the time they are ready to sell at home. >> because of that change, that is what resulted in the huge, $2.90 billion? >> for most of the new loans we are making, they are at this full-draw, and there will be enormous losses going forward because of that feature. >> ok. also, the last time you testified before the committee, we discussed the national mortgage sediment. can you talk briefly about the fund, how it has benefited from the settlement? >> in the most direct way, it has benefited by well over $1 billion that came directly to the fund from that settlement. or that series of settlements. also important, though, is we put in place, not just for fha loans, but for every kind of loans that were part of it, new standards for how they foreclose on loans, how they work with troubled borrowers, and those changes will have very important effects in the long run, because we will have fewer forec
what we are finding is too many seniors and up in a situation where they cannot cover their taxes and we lead to a situation where they have more leverage, more debt, than their home is worth by the time they are ready to sell at home. >> because of that change, that is what resulted in the huge, $2.90 billion? >> for most of the new loans we are making, they are at this full-draw, and there will be enormous losses going forward because of that feature. >> ok. also, the last...
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slavery which some already call taxes and debt but that is a different matter. i have a lot of hands so let's keep going. >> first of all, i think you brought some great insight into the contemporary problem of slavery. i had a couple of concerns, first of all, maybe this is somewhat representative of what you said, but the slavery movement is a bit uncomfortable with giving that any academic is going to be focused on one particular interest. let alone the struggle that it is waging. but i think one of the things that was absent from your analysis is the idea of slaves having their own freedom and if you look at the history of india much of antislavery legislation has been a result not from anybody on the outside but the bondage slaves saying they want something better. i think when we're getting into -- if you think of the state of india it becomes another set of complexity around them. first there is a question of rauloff government. there has been important legislation brought in by the union of india and we've seen more eradicate these problems. it seems to
slavery which some already call taxes and debt but that is a different matter. i have a lot of hands so let's keep going. >> first of all, i think you brought some great insight into the contemporary problem of slavery. i had a couple of concerns, first of all, maybe this is somewhat representative of what you said, but the slavery movement is a bit uncomfortable with giving that any academic is going to be focused on one particular interest. let alone the struggle that it is waging. but...
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i think it is a challenge for some credit to get a tax and implemented. the idea and the concept of putting a tax or a price premium on a commodity as a way to fund human rights and the general, that is an interesting idea out. how many would be a tourist in adding 5% to reasons to buy it if we're ever going to effective human rights of activity. i would do it to? it is and bold and interesting idea. climate change is the heart at population displacement and disasters. it leads people to a sports fishing, not as trafficking and sliver but all kinds of things. that is an important issue to tackle. i talk about the sudden trauma new balk. i look to see more. >> some would call out the tax slavery as some have said i have a lot of hands so try to keep this succinctly. >> i think he brought great insight. the contemporary problem of slavery. i had a couple of concerns and nuances there a think would be helpful. it does not express the depths and complexity, but i think one of the things asking from your analysis was the slave idea of their own for dumps. if y
i think it is a challenge for some credit to get a tax and implemented. the idea and the concept of putting a tax or a price premium on a commodity as a way to fund human rights and the general, that is an interesting idea out. how many would be a tourist in adding 5% to reasons to buy it if we're ever going to effective human rights of activity. i would do it to? it is and bold and interesting idea. climate change is the heart at population displacement and disasters. it leads people to a...
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president obama troubles monday to an auto plant in michigan to merge congress to extend tax breaks for 998% of americans.
president obama troubles monday to an auto plant in michigan to merge congress to extend tax breaks for 998% of americans.
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which we try to define slavery in the most narrow of ways or the rhetorical inflation where paying taxes is a form of slavery, these are unattractive alternatives, and instead, taking a more nuanced approach where we consider slavery in the context of other practices that are related to it without creating the hierarchy but instead focused on the interrelated ness and indebtedness of all the different practices with one another is one that i think the current international legal regime does do. in the way that legal instruments like certain protocols or the definition of slavery in the statute of the international criminal court and the elements of crime, as well as the inclusion of other things in the international criminal court statute, including explicitly sexual slavery or enforced prostitution, and separately, the elimination of crimes against humanity. that is a trend in the way that international law and international -- are looking at the issue. i cannot disagree -- international regimes are looking at the issue. i cannot disagree. instead, what i will do is talk about why it se
which we try to define slavery in the most narrow of ways or the rhetorical inflation where paying taxes is a form of slavery, these are unattractive alternatives, and instead, taking a more nuanced approach where we consider slavery in the context of other practices that are related to it without creating the hierarchy but instead focused on the interrelated ness and indebtedness of all the different practices with one another is one that i think the current international legal regime does do....
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protecting that and the tax revenues to the federal, state, and local governments that that economy generates is critical. that wealth-creating sector was basically shut down for days and in some cases by weeks by the storm appeared building to the standards in effect the day before the storm would peak in possible but also cost ineffective. rebuilding a system at the hoboken caissons would be impossible to do. last week research suggested their return from mitigation spending, especially with respect to flooding, is a national return of 5 to 1, a 14% return. given that these are long-lived transportation infrastructure assets, the return to the local, state, and federal governments of mitigation spending will be substantial, but will also protect this huge part of the nation's economy. >> senator, at the risk of repeating what has been say, i think, clearly, that mitigation is critical. we cannot just rebuild what was there, not only because it may not be physically impossible, but it would be frankly foolish to do so in my opinion. we need to build a system that is going to service well int
protecting that and the tax revenues to the federal, state, and local governments that that economy generates is critical. that wealth-creating sector was basically shut down for days and in some cases by weeks by the storm appeared building to the standards in effect the day before the storm would peak in possible but also cost ineffective. rebuilding a system at the hoboken caissons would be impossible to do. last week research suggested their return from mitigation spending, especially with...
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president obama talks about tax policy. there were put employers by the previous >> project administration and will expire at the end of the year. then marker rubio gives the address. >> hello, everybody. over the last few weeks, there's been a lot of talk about deadlines we're facing on jobs and taxes and investments. but with so much noise and so many opinions flying around, it can be easy to lose sight of what this debate is really about. it's not about which political party comes out on top, or who wins or loses in washington. it's about making smart decisions that will have a real impact on your lives and the lives of americans all across the country. right now, middle-class tax cuts are set to expire at the end of the year. time is running out. and there are two things that can happen. first, if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. a typical middle-class family of four would get a $2,200 tax hike. that would be bad for families, it would be bad
president obama talks about tax policy. there were put employers by the previous >> project administration and will expire at the end of the year. then marker rubio gives the address. >> hello, everybody. over the last few weeks, there's been a lot of talk about deadlines we're facing on jobs and taxes and investments. but with so much noise and so many opinions flying around, it can be easy to lose sight of what this debate is really about. it's not about which political party...